Oil Rallies on U.S. Assurance of No Plans for Now to Tap SPR (1)

Oct. 7, 2021, 7:25 PM

The U.S. Energy Department said Thursday it has no plans “at this time” to tap into the nation’s oil reserves to counter rising gasoline prices.

Nymex crude oil futures reversed earlier declines to close 1.1% higher on the news. The department’s assurance follows a Financial Times report on Wednesday that Energy Secretary Jennifer Granholm had raised the prospect of releases from the Strategic Petroleum Reserve. The report sent crudeprices down as much as 2.7% that day.

Granholm was referring to already planned congressionally mandated releases when she told a forum held by the Financial Times that “all tools are ...

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